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How Much Is Medicare Part B

/How Much Is Medicare Part B
How Much Is Medicare Part B 2017-09-06T14:04:26+00:00

How Much Is Medicare Part B?

How much is Medicare Part B? For most people enrolling in 2018 and beyond, $134, much more detail below. I, however, like to do things in order, so let’s start with how much is Medicare Part A…

How Much Is Medicare Part A?

First off, your Part A isn’t “Free”. You paid for that coverage with Medicare withholding taxes during your career. As long as you paid these Medicare withholding taxes for 40 quarters over your career, then your Part A has already been paid for. If you paid Medicare taxes for less than 30 quarters, the standard Part A premium is $413. If you paid Medicare taxes for 30-39 quarters, the standard Part A premium is $227.

How Much Is Medicare Part B?

how much is medicare part bYou pay a premium each month for Part B. If you get Social Security, Railroad Retirement Board, or Office of Personnel Management benefits, your Part B premium will be automatically deducted from your benefit payment. If you don’t get these benefit payments, you’ll get a bill.

Most people will pay the standard premium amount. However, if your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you may pay an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.

The standard Part B premium amount in 2017 is $134 (or higher depending on your income). However, most people who get Social Security benefits pay less than this amount. This is because the Part B premium increased more than the cost-of-living increase for 2017 Social Security benefits. If you pay your Part B premium through your monthly Social Security benefit, you’ll pay less ($109 on average). Social Security will tell you the exact amount you’ll pay for Part B in 2017. You’ll pay the standard premium amount (or higher) if:

  • You enroll in Part B for the first time in 2017.
  • You don’t get Social Security benefits.
  • You’re directly billed for your Part B premiums (meaning they aren’t taken out of your Social Security benefits).
  • You have Medicare and Medicaid, and Medicaid pays your premiums. (Your state will pay the standard premium amount of $134.)
  • Your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount. If so, you’ll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.

If you’re in 1 of these 5 groups, here’s what you’ll pay:

If your yearly income in 2015 (for what you pay in 2017) was You pay (in 2017)
File individual tax return File joint tax return File married & separate tax return
$85,000 or less $170,000 or less $85,000 or less $134
above $85,000 up to $107,000 above $170,000 up to $214,000 Not applicable $187.50
above $107,000 up to $160,000 above $214,000 up to $320,000 Not applicable $267.90
above $160,000 up to $214,000 above $320,000 up to $428,000 above $85,000 and up to $129,000 $348.30
above $214,000 above $428,000 above $129,000 $428.60

Part B Deductible & Coinsurance

You pay $183 per year for your Part B deductible. After your deductible is met, you typically pay 20% of the Medicare-approved amount for most doctor services (including most doctor services while you’re a hospital inpatient), outpatient therapy, and durable medical equipment. This is assuming you don’t have a Medicare Supplement. With Plan F, you would paid neither the $183 nor the 20% and with Plan G, you would pay only the $183, still not the 20%.